The three-year deal will be funded by Standard Life and will enable a team of OECD researchers to explore two of the major challenges facing retirement savers
Standard Life and the Organisation for Economic Co-operation and Development (OECD) have today announced a major new joint research initiative.
The three-year deal will be funded by Standard Life and will enable a team of OECD researchers to explore two of the major challenges facing retirement savers.
The work will form part of the OECD’s programme of work on pensions.
The first element of the initiative will examine the challenges associated with achieving financial security in retirement.
The OECD will look for innovative retirement income products and the guarantees provided across countries to reduce the possibility of running out of money. It will also assess the advantages and disadvantages of these solutions and the conditions under which they have been used.
A second element of the project will focus on how employers can meet the growing and diverse needs of their employees.
With engagement being a top concern for many, employers have said that they want to understand what solutions and support offered is fit for purpose.
Accordingly, research will focus on how factors such gender, culture and the socio-economic background influence savings attitudes and behaviours.
Commenting on the partnership Standard Life chief executive Andy Curran said: The OECD’s combination of international reach and pensions expertise is unrivalled, and we’re excited to embark on this project with them. Our aim is to foster innovation in the way we meet the diverse needs and wants of savers.
OECD principal economist at the private pension unit Pablo Antolin added: We argue that to address the main challenges that ageing societies present for retirement, we need to understand the different views and concerns of the different stakeholders in the world of pensions and retirement.